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90_HB3702
205 ILCS 675/6.5 new
Amends the Illinois Financial Services Development Act.
Prohibits the imposition of fees or charges with respect to
a revolving credit plan that are contingent upon the borrower
having no outstanding unpaid indebtedness subject to interest
charges on the date of the billing statement. Effective
immediately.
LRB9011033JSdv
LRB9011033JSdv
1 AN ACT to amend the Illinois Financial Services
2 Development Act by adding Section 6.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Financial Services Development
6 Act is amended by adding Section 6.5 as follows:
7 (205 ILCS 675/6.5 new)
8 Sec. 6.5. Certain charges prohibited. A financial
9 institution may not impose any charges or fees with respect
10 to a revolving credit plan that are based upon the borrower
11 having no outstanding unpaid indebtedness subject to interest
12 charges on the date of the billing statement.
13 Section 99. Effective date. This Act takes effect upon
14 becoming a law.